Also on Tuesday, CLSA upgraded Jet Airways to "buy" from "sell", and raised its target price to 500 rupees from 290 rupees, citing the airline's "strong" passenger yield environment, focus on route rationalisation on its international routes and "tight" cost control.

The upgrades come after Bank of America-Merrill Lynch raised Jet Airways to "buy" from underperform" on Monday.

Jet Airways posted a surprise quarterly profit on Friday, raising hope the worst is over for Indian carriers.